The Bitcoin Group #335 - Shut up Sam - ECB Irrelev

The Bitcoin Group, the American original. For over the last 10 seconds, the sharpest Satoshi's, the best Bitcoin's, the hardest cryptocurrency talk. We'd like to welcome our panelists, Dan Eve, the crypto raptor. I'm Thomas Hunt from the World Crypto Network, moving on to issue one. Issue one, Sam Bankman freed won't shut up. First, he went on the New York Times dealbook and answered easy questions from Andrew

Ross Sorkin and really looked like a superstar. Then he got smashed and destroyed by good morning America and George Stephanopoulos who had the decency to travel to the Bahamas, see him in the same room, videotape him for two hours straight and cut it down into a five to ten minute interview that absolutely crushed Sam Bankman freed and changed the media's entire narrative. Now that they know

he's a fraud, they know what to do. Dan Eve, Sam Bankman freed still allegedly took all the money, but at least the media knows the questions to ask. Yeah, it's definitely looking like Sam Bankman's not going to be freed for a long while when he does finally go down. It seems to be really dropping his foot in it and you know as they're saying like you

know anything you say maybe use the never-dance against you and doing all these talks seems like a bit of a you know putting his fur and his mouth sort of situation. It does seem like the what's the name? Was it Caroline? What's the name from Alameda? She's kind of dropped him in it a bit by saying that he was aware of all the dodgy stuff that

was going on. And so that was like that savage and even he was you know he didn't know how to how to answer that question on good morning America. That was the big moment in that interview for me is that Stephen Ophelos and Sam Bankman said he said you know put yourself in the position. You're under oath. She's under oath. You're all in the courtroom. And

then that's when he snapped back into that robot response that he should have been saying the whole time. He should have been chased like Murdoff down the street. You know they're like get that Bernie made off. Get him. You know get him. Instead the media is all nice to him. And then all of a sudden step and office just tore him apart. Go ahead Dan. Yeah,

it's I mean it's savage. The fact is that he's you know I've completed you turn when it first came out. I was you know kind of almost hoping for the fact that he was kind of a nice guy you know he's giving his money to charity and and was just made a bit of a full guy but he's literally become the full. And it's very very

obvious that he knew what was going on. He it seems like he very much is aware of these back doors that he obviously created. You know the the Bahamas government managed to they like they made him turn over all the assets as well but before the the US sort of entities could even get to him which is causing a stir in itself. So like the whole

things become as it's unraveling it's becoming a really really interesting story. There's definitely going to be another kind of you know the smartest guy in the room Enron type documentary about it and ironically you know the the guy is now heading it up with the one that that did like you know took over on on Enron. So it seems like a complete cluster you know there's

the hundreds of different divisions the whole company charts just insane and and it doesn't look like it's going to really help them with their with their general or his with his with his with his defense. It'd be interesting to see if if they go after Alameda for for all of this as well because obviously whilst everyone's saying about Sandbank and Freed another company that kind of

was with had extremely bad practices it seemed with with Alameda and even that video where where she's like sort of going oh we don't even use we don't even need to use stopwatch. You know the sort of you know joking about it and and the fate that all of these companies have suffered as a as a downfall but ultimately everyone keeps on you know and and

they say this in in various articles but you know all the kind of Bitcoin is saying distancing themselves from from from Sandbank and Freed well yeah definitely because Bitcoin isn't FTX and FTX isn't Bitcoin and FTX was just a company that that that held people's Bitcoin and what do we all Bitcoin is actually just a company that's actually say don't give your Bitcoin to a company

so you know the the whole point about linking them is is pretty ludicrous it's it's you know you've got to look back to what everyone's been saying from the start which is not your keys not your coins and the fact is that you know Bitcoin was built so that you didn't need your money in the third party's hands you didn't need it and these are kind

of fake banks you know everything like from from from block fighter Voyager to FTX these are all fake banks and the fake banks because as much as people hate banks at least banks are actually regulated and and then let's prone to even though they have obviously been disasters in the past they're still less prone to these issues than say block fight Celsius FTX Voyager Alameda all

of these these crazy companies that are operating in insane ways and just losing people's money and unfortunately Bitcoin is just tumbling with that because it's getting lumped into the into the crypto bucket. Well for me the big takeaway from the interview was the attitude Sam didn't care about risk he wasn't managing the company's money I would be so worried if I was running a cryptocurrency exchange

about the money getting hacked or stolen let alone loaned out to my girlfriend's money bank so that she could bet on random margin loans and so forth. It's an absolutely stunning interview it'll be played at his trial one goal what do you think about Sam Bankman freed and you think that he will finally she got up he did another Twitter spaces today. I don't think he's

shutting up I think he's gonna talk until he ends up in prison and hopefully ends up in prison. I think I'm just I'm just floored I'm amazed it just blows my mind I think the guy he he was running this exchange like like a bank CEO probably runs runs their banks except like you know with worse risk management but even then every bank in the world

today it has like 2% reserve and is overlaveraged and has most of their money invested in other people's businesses and if they suffered a bank run you know remotely close to the bank run that that S FBA FDX and all these exchanges have been suffering they would all collapse they would all go bankrupt you know but the difference is Bitcoin is a free market and these

exchanges are unregulated and that means they're uninsured and that means they're unprotected and that means that when the market goes against you your leverage will liquidate you and there is no lender of last resort no buyer of last resort for your shit coins and so we see him collapse and I know that I heard and I'm not a lot of people I lost I lost their

money and we try to tell you you know not your not your keys not your porn but unfortunately people like learning the hard way and I think you know it's it's really sad I mean it's it's sad but it's also kind of amazing like to me this is like at this point you know deep in the bear market I think I think the attitude we need

to have is just burn it all down like let's just see everything go to zero and then bounce back up and wipe out all the all the leverage wipe out all the scammers wipe out all the all the fractional reserve exchanges that stole our blow of top FDX sandbankman free stole our blow of top we should have at least tested out 100,000 but no we got

to 70k because this clown was selling paper Bitcoin probably at the top to try to cover and reinvest in you know Ponzi schemes on Ethereum and I just I just want to see it all burn I want to see me prison and I want to see all these Ponzi casinos go to go down including Ethereum I would love to see Ethereum explode but I think mine

be for the next bear market and throughout the interview with step in office he stepped trying to confuse him with the margin lending he's like yes some of our users put their money into margin lending but then a step in office kept coming back to it's like no it turns out all your users put into margin lending is that right and won he kept trying to

confuse people he's like once you give me your money I can loan it out and do whatever I want with it but it's it's degrees right if you put it in the savings account they put it in there you put it in a different kind of account they invest it like a money market account Sam allegedly just took all of the customer funds dumped right into

it and said hey this is gambling money yes the monopolist was saying like hold on you but there's deposits and you got to separate the deposits from the lending and it's like well there was a lending brokerage layer you know and there's lending in brokerage guys like no but like the deposits like this they the users didn't approve to the lending it was the deposits and

the contract very clearly says that the deposits are not lending it's like yes but there's a lending layer you know with brokerage right so I mean it's very clear the guy was you know they're just spending people's money and and what about all the houses and the Bahamas that they bought all the mansions you know what about all the 30,000 shrink the allegedly eight despite being

a vegetarian you know what about like where's they just blew the money and then basically it kind of looks like they bought a bunch of politicians on the left and on the right and then a bunch of media organizations and they're trying to get away with it and I love the TV stations the TV stations need to be accountable they played those ads I know people

are trying to say oh it's Tom Brady's fault or it's Shaxfalt but think about the TV stations they're the ones that made the money they played the FTX Super Bowl ad and I guess it was regulated in the Bahamas so it was okay right they had a whole country that they may or may not have bought off and that makes everything okay now. Yeah it's amazing

and did you you're talking about the did you see that part about how the Bahamas politicians were allowed to withdraw first you know and then nobody else so they but the local politicians cashed out you know before other Bahamas sort of users could cash out and you know SBS was like oh yeah well I mean you know you don't really want to have a bunch of

people that hate you where you live yeah yeah a lot of people could sign up when you're a little step and they are I think BitBoy Cryptos down there a couple other people are showing videos where they're looking for Sam and there's even this idea now that he could test to five before Congress in a week and there's a lot of people saying if he testifies

in purpose in person Congress should pick him up right this is a big chance to get this guy well I think I think he might take care of himself I think he looked when you look at the interviews with especially with Stepan office it looks like he was starting to realize for the first time he's like he's like wait a minute Mark Cuban says that I

should be worried about jail Mark Cuban super smart he's super rich maybe I should listen to him he started to weigh it in his head there a little bit and that's when he started Stuttering and breaking down and shaking and I just think this guy hasn't realized the enormity of how many people's money he lost how he's not going to get it back this this alleged

PR tour is they're saying that Sam has professional PR people and he's told them he wants to help people get their money back help them be made whole as if people want him back in their lives back in this industry it's like you've you've wrecked an exchange by apparently not having a dashboard with like ins and outs right all you need is some programmer say hey

you know how much money is in our system today whoa that that went up a lot that went down a lot a golly jeet did we approve anything by emoji in the last 24 hours they're approving things by emoji in secret chats that disappear well why would you do that because you're guilty like it's the horrible thing where they think they're so smart and they're covering

it up with the secret disappearing messages everyone knows the reason that you're using secret disappearing messages it's like we wrote our company charter and invisible ink we're so freaking clever like it's gonna come down it's gonna go down I hope Sam can get some professional help he needs to stop doing these interviews he needs to prepare for jail he needs to turn himself in well you

know the question I think is uh what are the consequences of this not for his yes because he's not going to be a good guy or something like that if he should definitely be in jail if he gets away with it this is uh Epstein level ridiculous that's maybe not quite there but pretty close um but the question is what's gonna happen now because the regulators

the regulators are saying like there's rumors that they're they're looking at the market and they're looking to palace and this is kind of blood on the streets level event and uh if they wanted to regulate crypto this is a great opportunity to do it the questions do they want to the you know the how much how dirty are they are they are hands in all these

punks these teams you gotta wonder all Silicon Valley if you see many of the Silicon Valley seats are all over it so how many politicians let's also let's look at their options I mean the United States exchanges are already pretty well regulated New York has even tighter regulated exchanges so really we're talking about global crypto legislation could they get a bill passed where it says hey

if you have more than a hundred thousand worth of crypto in your thing you need to have a regulator in the office you need to have cold storage you need to have such and such a thing if you're actually selling Bitcoin you need to have X percent of the underlying asset you know it's not going to be a hundred like you're getting mad already but yeah

so could they pass that in or in a reasonable way and to get the kind of countries like the Bahamas who thought they were going to be crypto stars and still think they're coming back they're like this hasn't ruined the good name of the Bahamas many more cryptocurrency companies are coming here I don't think they can pass global legislation I don't think they can tighten up

the market but they can scare the pants off of everybody which is what they're doing right now so let's move on to the exit question before we go to more doom and gloom because all the issues are pretty much the same will the price of Bitcoin be higher or lower this time next week Dan Eve say something positive I'm going to I'm going to let it's

doom and gloom chicken-licking skies falling and and to say you should start picking some Bitcoin up if you get but obviously this isn't financial advice well on call to sit the bottom and getting lower I think it's much more likely that we're close to the bottom than that we are close to the top obviously so I am I've been I've been bullish for like since like

30,000 and I'm going to continue I think that we're we're on the south side of this we're on the buy side of this trade not on the sell side there's only 21 million Bitcoin and I don't know how many Ethereum but they burn them now so that makes them better right and I mean I'm starting to give up maybe that means it's the bottom right yeah

that's the whole despair like massive despair so here we go we're shaking the Bitcoin predictor ball this is how we really predict the price now and it says will the price be higher this time next week ask again later ask again later even the Bitcoin predictor ball doesn't want to be involved in this mess moving on to issue to Bitcoin on the road to a relevance

says the European Central Bank and they just happen to have a competing product in a murder merciless cut and merciless commentary to authors from the bank's market infrastructure and payments business area also promoting the other product unload on Bitcoin they say that the price of Bitcoin is hovering around 20 grand and that it will eventually fall to nothing nothing one call Bitcoin will go to nothing

the European Central Bank is dominating the headlines every single article I looked at on Google news is some version of I read a report in the European Central Bank that has a competing Central Bank digital currency that they just happen to be promoting and they just took a huge dump on Bitcoin is Bitcoin truly dead Bitcoin is dead long live Bitcoin I mean if Antonopoulos doesn't

buy all of the no one dollar I think Thomas you and I can probably get a good 50% of them at 20 cents I don't know maybe not I think I'm definitely buying all of them at one cent I'll still like to meet and start buying from one cent then up and then yeah so it's never gonna go to zero Bitcoin is still highly collectible there's

only 21 million not even every millionaire can have one so might be a good time to get yourself a point one or a point two as everyone else is losing their brains all around you as the poem if says right so here we go Dan where the absolute bottom FTX has showed us that crypto enables scams and now the European Central Bank who has a competing

product has convinced the entire wider media sphere that Bitcoin is headed to zero well sorry it's just it's time to start this year it's just it's a lot of news yeah I think we're on I think we're about to to start I think I mean there's there maybe a few a few lowers whilst these kind of ripples of FTX and Cone Celsius and all those they

block by until they they're kind of all the bad news kind of stops around them and then and then we'll be kind of we'll be on a bit more stable straight but with with regards to the European Central Bank you know they're saying that it's Bitcoin is on the road to irrelevance but they kind of haven't touched a point on the fact that if you compare

Bitcoin to the euro the euro is lost like 99.99% of its value since Bitcoin came out in 2009 so so it climate would actually seem that the euro is on the road to road to irrelevance and also the fact that it's like dropped massively against the the dollar right so it's interesting that they pick on Bitcoin specifically because of a few failures of companies that that

are holding people's Bitcoin rather than the actual technology itself to which they don't really have much to say about it other than way to stick about you know boiling whales and blah blah blah and mentally environmentalism and I used for nefarious transactions and whatever there's not much substance to what they're saying other than the same repeated like crap about any anyone else has has said about

the same thing you know when when reading Bitcoin's obituary and very all of them have been too early you know at the moment it's it's like that prediction of well that's saying that 100% of doomsday prophecies have failed so far because the world is still here and that's the same with Bitcoin 100% of the Bitcoin's going to fail prophecies have failed so far because Bitcoin's still

still here and even though it's been hit by yeah all sorts of fudge from every single possible angle and attacks from from from the government and also existing institutions that that stands to lose a lot of money from Bitcoin it's still here and it's not just still here but the technology's growing and evolving and becoming more stable and the infrastructure is growing people more people are

using it more services you're using it even the bank sticking in and and and and and actually stacking some themselves or providing services so to say that it's uh um to say that it's it's it's dying is ridiculous and also it's the classic you know it's the classic horse and cart guy going the cars never going to make it or like the tell the cup and

piece of string guy going the telegraph will never make it you know these are all people that are being replaced and Bitcoin was was was was literally built to replace the the existing financial system so there's going to be obviously you know people sling in muddit who stand to to miss out and as they become uh their jobs and their roles and their uh um their

own uh made up currency um out which is made up about thin air and printed out of thin air uh is on its own road to irrelevance um so yeah it's just another sucky article from some some guy who or some people who think that because Bitcoin the Bitcoin price has gone down then it's dead for good and they don't really know what they're talking about

as uh as proven by all the other world leading economists that have had the same doomsday prediction about Bitcoin for the last like near 14 years it's also been a terrible year for the stock market and a terrible year for amazon.com such risky and crazy investments they're pretty strong as well saying that Bitcoin's entirely based on speculation and has no use and has not caught on

to a wider use case i don't think they really address the lightning network or the potential that is there as well as more and meet more people coming online wanting a better system than credit cards maybe turning to Bitcoin but yes it is another major obituary for Bitcoin and we'll continue covering more Bitcoin obitaries on today the Bitcoin funeral special. Wania more on this issue? Certainly

i mean it's it's very uh it's very interesting to hear the ECB say this after they've had so many so much trouble this past uh like your type so much uh trouble in their markets recently right the pound hit uh uh all-time low um the energy prices are going parabolic i'm i'm concerned that the European Union is not going to survive this winter i think that

there's enough pain in the energy markets in Europe that if they don't if something dramatic doesn't change there might that you might have a kind of resistance political movement uh rice against the European Union so i think the ECB might be a bit more more likely to be at the bottom and they're just pretending that they're not they're they're trying to deflect reflection and attention here.

The other thing is being a Salvador here for a month um i've seen i've got to meet a lot of the trip and horse developers uh i've got to test a lot of the wallets that are that are being used down here i think about 30% of of people are you know have an active Bitcoin wallet or at least have a Bitcoin wallet and use it

occasionally um definitely the adoption is not completed in on Salvador but people are open people are people are open and interested and i think it's a matter of time before uh uh uh an app down here fully feature banking app using Bitcoin Reels using the like network comes out and takes over the market and brings brings uh six million five million people in on Salvador to

to the financial system you know brings them to to better money and it's it's really interesting i think i think stablecoins are also you know undeniable right like especially in a bear market people one dollars and the dollar is not going to go away for a couple decades and the the dollar the USDT is spreading like wildfire in Africa and and Brazil and i think that

we're we're going to start seeing uh stablecoins on top of the lightning that we're moving at the speed of light and waiting you know people will have Bitcoin wallets on their phones and Bitcoin will be waiting for the moment where the gold market starts and and and ask the dollar collapses i can see I can see Bitcoin catching that value but Bitcoin's going to spread in

the edges it's going to spread in the developing markets it's going to spread outside of the influence of the empire and as the empire collapses hopefully Bitcoin will help these communities rise i think what's happening on Salvador is very important i just wrote a newsletter called uh named uh El Salvador is the first domino Bitcoin hyperpicklandization you can find it on my blog at Wangao.com and

it talks about what they go system down here and why i think it's actually very important that we help it help Bitcoin succeed here but what i see is really developing technology i see a lot of decentralized markets like decentralized technology really taking shape now because people don't trust custodial exchanges right now that's good thing and um i don't know i'm excited i i'm an incredible

people at the conference here i i've never seen so much talent and so much so many builders in one Bitcoin conference before i think it was an excellent conference adopting Bitcoin uh in El Salvador and uh it's just funny to see the ECB completely clueless while wrong burns it reminds me a lot of that comic strip where it's like Bitcoin 65,000 everyone's in line and they're

all excited Bitcoin 16,000 no one's in line at all so it is really hard to keep your enthusiasm during these down points and it's exciting want to hear that there are good things coming out of El Salvador and people are getting involved in Bitcoin the lightning network and even sending stablecoins over the lightning network i think that's a good idea too well have to see how

it goes moving on check out worldcryptonetwork.com we've got 3,021 videos you could watch it for three months 14 days and an hour straight it's been eight years since our first video eight years 11 months and 15 days issue three from the financial times but given to us by another website crypto finance Bitcoin meets mainstream rejection the ultimate Bitcoin obituary saying that they are here to kill

Bitcoin quoting the ECB saying Bitcoin's value is purely speculation they asked Brian Armstrong chief executive of coin base about sbf and they say he's the successor for congress he responded simply with a laughing emoji they say that Bitcoin is completely doomed the ECB blog went for the jugular on Bitcoin and rounded off its blog post with a series of crypto critic greatest hits saying that Bitcoin's

value is purely based on speculation it is an unprecedented polluter and a reputational risk for banks the general rejection of the mainstream media led by the European central bank leads us to a problem where is the new money going to come from for cryptocurrency where is the new interest that could drive the price up if the mainstream is rejecting it Dan Eve what will happen to

Bitcoin and cryptocurrency are they right will the price completely collapse as there will be no more interest no one cares anymore about Bitcoin well I think that's what what's most wrong about this article is is saying that other than quoting the ECB is like a source of like they as if they know how how monetary policy should work with the failing euro the the fact is

that mainstream hasn't the mainstream hasn't rejected Bitcoin they're not rejecting it and we've we've seen this like time and time again with with with people even like Jamie Diamond sort of turning you know turning around and and Jake Morgan accepting accepting you know, pro-brokering Bitcoin for their clients you know it's it's definitely not the case and these articles just again they they're they're just kind of

pretty much Clickbait articles for the existing financial world right you know the clickbait articles for the Bitcoin pump is like you know so and so like I don't know just the good news type stuff but these these people who he really FT they like doom and gloom articles about Bitcoin because their financial system is the best because it's got the best people in it blah blah

blah and so you know Bitcoin is it is a threat to where most of the people actually work who read the financial times like that's the the long and the short of it and you're never going to get going on back to the horse and car you're never going to get someone who's got a horse car who's going to lose out on business going oh yeah

tax the cars are the future and they're just gonna they're gonna try and defend it so you know attack it as much as possible whilst they their own their own business with us into oblivion or you know goes into a dies in irrelevance as the UCB have said so it's just the standard attacks as they as the articles there's like the crypto critics greatest hits there's

you know there's just it's just the repeat of the same of the same news and and we know that the Bitcoin price you know I did a dare to say pumps and dumps but it goes up it peaks and troughs and based on based on what seem you know historically on on the Harvining cycle so there is a lot of hype around it once that once

the harvining kicks off then all the all the you know all these new services and people start getting into Bitcoin the price does go up people start to panic sale and then it is sort of you know it bottoms out and then eventually goes up again for the for the next Harvining so it's just part of the part of the cycle and all of this news

is just box standard for that you get with any any any cycle even with like you know the fact the fact is that the tech as you pointed out the text docs have completely dumped as well it's not just like it's not just Bitcoin that the stump you know look at the the the biggest text docs everything's being hit right now and and and including the

the euro so picking on one asset specifically it just means that I don't know they're just I think it's a slow news day these articles are starting to be slow news day articles for me I think you know what can we print just print nothing talk about something else but funding Bitcoin doesn't really work it's never worked in the past not many people listen and in

the end that what the ones that do are like oh I wish I never listened to the financial times and their BS article about you know Bitcoin only being used for the fair and various transaction and no one actually using Bitcoin because now all the banks seem to be into it as well isn't that really weird anyway. Well it does seem like a cycle where the

next article is a wild cat Cathy Wood or such and such a bank takes a bet on Bitcoin they're taking a risky bet and they're like they start describing how scary this bet is and how Bitcoin's gone up before and it goes down before and then there's a serious articles after that where they're like wild cat pays off in huge risky bet that no one thought

to make no one could have ever thought at the time that investing into Bitcoin when we said it was dead was such a good investment so that would be interesting we've been through these cycles every few years it seems every few years we lose like our entire life savings and get called a bunch of names and then every few years like the life savings goes back

up so it's crazy stressful as like an individual human constantly losing one of the ones life savings one call what do you think about this crypto thing is it over like the financial times like Dan's mocking it but you know this is the financial times. Well you know they know everything right they are the oracles no I mean I don't know I think I think yeah

this is this is low news days and I think they're there they're obviously like trying to manipulate like the media all of the media does is try to manipulate the public like there's no journalism left in the world it's it's very rare to find journalism I think I think this is time to buy I can't remember what I was gonna say but I think I think

it's this is time to DCA oh yeah so Dylan Dylan McLaren thinks his name on Twitter he's been really doing great coverage on the markets and he's pointed out that on chain we can see people are stacking people are there's a large consolidation of small UTXOs so like I think it's like under 10 grand UTXOs there's a lot of people stacking we can see it on

chain we can see it on the blockchain people are buying this but this Bitcoin was never meant to to to become let's say global settlement layer from the top down it was never gonna happen from the top down the elite are we're never gonna give up their power willingly this has to happen from the bottom up and that means the normal people the the the the

plebs of the world buying Bitcoin slowly and using it as a savings account and I think that's that's where we have to go that's what I see being developed in Osabador that's that's the user experience in the framing and the and the and the mindset that's developing on Salvador that from the technology startups perspective and that's the only real way that's the only real way for

Bitcoin to win is from the bottom up these topics are not going to be a lot of things like that. Down solutions are very vulnerable to scammers and to the volatility and to the media and to regulatory capture and but you know a lot of people have learned their lesson a lot of people have learned that you can't custody you can't trust these central exchanges that's

a good thing that's a very good thing. I'm hoping that the crypto and the define the Ponzi scheme's died this time around I don't know if it's gonna happen. I thought that we're gonna die last time and boy was they wrong but this surely seems bad and you know what all these Ponzi schemes all these defile ending tokens this this crypto economic devices that produce nothing

solve nothing fun nothing there's no product no service no company no infrastructure behind it's all Ponzi schemes they need to die they need to burn this is a play on this industry and every time every four years they pump and they dump and they wreck a bunch of people and and you know the people behind them the just rebrand you know it's just a new name

for the same thing and I would like to see I would like to see the at least the US market you know if the regulators do come I think the sound thing to do and this is kind of where the conversation is going from from the regulatory kind of like savvy perspective is you're gonna have crypto commodities which is Bitcoin and maybe a couple of others

if they can pass the time to know but definitely Bitcoin as a crypto commodity and then everything as a crypto security and the crypto securities have to come through some sort of SEC regulatory approval and then all you have is a crypto bear asset that is associated with a company whose who holds your counterparty risk and they're developing stuff and says a new kind of stock

market a crypto stock market that's gonna be regulated and that's the best case scenario here the worst case scenario is they do nothing and we have endless rounds of Ponzi schemes or they just try to nuke the whole market and that would just that's just gonna get the the talent to leave the United States but I don't see that happening I think Bitcoin's gonna survive this

I think the miners the miners are having a hard time but the Hashimoto power is still very large X on the sponsoring the next Bitcoin Miami conference and talking to a big sort of Bitcoin mining insider at the conference here the pilot that these gas giants are we're doing are we're having very successful and they're gonna just integrate these mining rigs into their business model into

their infrastructure and start using them on a regular basis to profit from the gas flares that they got a burn off right to do load balancing under under energy and you know whenever there's not enough demand for your for your energy you got either store it or burn it and then you get a and so now you can also make it mine Bitcoin and so now

we have like deep demand for proof of work so the blockchain is not gonna stop clocking like the blocks are gonna keep taking the proof of work is gonna keep working and people like those are gonna keep buying and developers are gonna keep building and there's a really great opportunity right now I think about this if you take in profits anywhere near the top from 40,000

to 60,000, 70,000 you take in profits and stack dollars right now you'll be able to buy Bitcoin really cheap you'd be able to invest in startups that might become a unicorn in the future and that's what we're seeing you know swan just purchased Spectre Spectre is a multi-sick wallet swan is a Bitcoin only exchange that is on custodial you buy Bitcoin on a DCA model and

it sends your Bitcoin to your wallet every day and now they have acquired a multi-sick company so there's a company there's companies that are growing right now during the bear market investing investing in their future and swan looks like they want to go public eventually so I think that you know all the bad players are dying right now I think we're gonna see we could see

more glow ups and Genesis Genesis looks like they're in trouble you know that whole that whole side of the market looks like some trouble and but there's there's some good people still buying growing and but I don't think we have some more consolidation to go I think it's gonna be a you look like a rough bear market but I see I think that it's still I

still see a lot of building and Bitcoin still works and I'm quite content with it it's just it's just a lesson here like holders need to need to learn to take profits you know when the market is ridiculous when I'm acting like I'm retired you know when I'm tweeting that I'm retired when there's when there's crazy money being thrown around when everybody feels like you read

their rich start taking profits pay your credit cards buy your laptop you know maybe get a house right and get ready to survive the bear market that's that's the lesson here and I'll keep saying that into it is interesting whenever anyone sees Bitcoin they think hey I could make a centralized institution that could hold those and I could make it easier for people right there like

it's it's too hard to hold your own coins like wouldn't you rather have them in coin base or have them in D fire have them in ERC 20 tokens or I do think there'll be a coin Quad DeFi like a fourth one I know one is rooting against it but they'll be one the market is gonna demand some kind of a crazy investment vehicle for the

future but like Juan was saying I think back almost 10 years now on the Cypress event where Cypress locked down their banks and said okay we got some drug money in the system therefore everybody who has over a hundred grand is taking a 10% cut now you could have been selling your house or saving your money or somehow caught up in that or you could be

in the market drug money that they're looking for you know with righteousness probably it's against their rules but I said at the time is it if those people had Bitcoin now they don't just need the Bitcoin they need people telling them about it they need ATMs they need you know banks probably because they're not capable of holding their own keys at first they need all this

infrastructure maybe they could avoid this 10% cut and now we're seeing with El Salvador but Juan don't you think we kind of like the market broke them the poor El Salvador people like the absolute worst welcome to the market and you're talking about stable coins and some other things like can they hold the keys for their stable coins can we truly trust the counter parties that

are holding dollars and other assets are the people broken by the horrible price of Bitcoin I wouldn't say that they're broken but there's definitely like I would say like okay so here's how it actually played out Chivo launched El Salvador cash flow $30 for every new account four million people allegedly out of six million Salvadorians downloaded the wallet and pulled out the $30 most of them

sold it some of them kept it some of it and then those that kept they watched to go down now the media has been flaring like local media has been talking shit about Bitcoin all the way down understandably so and so that so the people yeah the local media has been talking shit about Bitcoin all the way down understandably so and so the people yeah the

local media is the local Salvadorians are they're concerned about the value the capacity of it to hold value but they're happy to receive it and then all the two biggest wallets in the country Chivo and Bitcoin Beach wallet both support dollar denominated value so you can receive Bitcoin and hold it in dollars you can send Bitcoin and receive it in dollars or basically hedge it right

the way that Chivo does it is they have dollar passing through the bank account Bitcoin Beach does it through a hedge contract it's kind of basically like when you hold it when you hold Bitcoin in dollars you're just going short Bitcoin and it's the equivalent of having dollars right they're both custodial but you can have dollar value and move at the speed of Bitcoin right you

can move at the speed of lightning that's cool now all that it needs all that the country needs is a wallet that people have confidence in that wallet that they don't associate with Buchanan that they don't associate with the government and that's let's them move dollar denominated value you know stablecoin or not amongst each other and cash out and I think I think I think we're

going to see that we might be able to see it with with big Conveegs they have all the right infrastructure for it they just need banking and they can get banking you know isn't a bit of the separation there is like with one of those products you can just sign up for like a user name like an email in a password boom you're in with the

other product don't you think they're going to have a KYC don't you think it's gets all complicated people that might not have an identification you know if you're not in a driving culture you don't have to get a driver's license this pervades throughout other countries some people are born without licenses born without identification so one of these systems it's easy for them to get in username

and password the other ones much harder do you think it's going to separate along those lines because I could see how everyone needs the stablecoin offering but some people might be cut off from it. Yeah I mean during a bear market everybody loves stablecoins the way that beach Bitcoin Beach compares to achieving this regard is Bitcoin Beach demands your social security number essentially like your government

like South Korean ID whereas Bitcoin Beach has a phone number and I think that's enough I might even ask for an email and that's enough for you to kind of get access to your account. Obviously I like to see 12 word backup sort of phrase and my first bit when we put a bit when it's teaching people. At scale by hundreds how to do backup recovery

wallets don't work require an ID like you can use Phoenix with that an ID you can use Bitcoin Beach without an ID you just need a phone number and so from that perspective the technology start holding support is them they're going to the phone you can't really do Bitcoin with that phone it's a digital technology but phone penetration on Salvador is fairly good and it can

begin a lot better. So I mean you know we're definitely limited by the by mobile phone penetration but you know we are in an era where it's actually quite high so yeah no I think you know again nothing's perfect but the technology like in Colombia and in Brazil there's a nap you know in Colombia it's called Nike in Brazil it's called Pixie Pixie Pay I think

and you can just you know you do phone and I think ID and maybe a facial recognition of education it's fairly quick you can do it in like five minutes and then now you can move Fiat across bank accounts two people's phone numbers for free instantly and they've gone viral like mega viral apps like 50% plus of the country supporting them right using them actively. Now

this is like precursors to CBDC but it proves that you can have a banking app go viral in the country if we can do it with Bitcoin and sovereignty as the infrastructure in Salvador against the dollar and we can actually prove that the model can work you know maybe teaching people DCA as an add-on on the app teaching people about Bitcoin as an add-on on the

app the moment that the bull market comes maybe it'll go well but at the very least we can become an infrastructure for dollar denominated value for a few years until the dollar finishes shooting their own it destroying their own advantages you know because they seem to be very intent so it's the it's the strangest and hardest thing to say to somebody that got their free $30

that right now maybe is a good time to put in the other 30 right obviously it's going to go down 50% like if I if I say that now but in general it's those crazy moves that turn out to be either great or horrible later on because it does seem like how much further can Bitcoin go down if it does eventually go up you risk the

chance of missing the up I know that the real winner move right now is now that we're near the bottom is to sell everything that way if it does go back up you'll be excluded from the uprise so it's very hard to predict these things it's hard to time them it's much easier to say after the fact and then there's always that little voice that's like

yes if you're if you're showing other people the value on your block fully or whatever maybe it's time to get the heck out maybe you should just dump it but yeah it's been a crazy ride and we've got more negative news with issue four here we got more one you could just mention it yeah just like the the strategy the best most effective strategy in this

kind of market is dollar cost average grab 5% to 10% of your wealth of your income throwing to Bitcoin and just having four year mindset and just stacks at by 5 to 10% for a couple years and on average historically speaking you know you have a pretty good odds of being in the green within a couple years where at the bottom you know you don't even

have to do four years where at the bottom right we're very close to the bottom even if Bitcoin went to $7,000 you were still we're still 90% from the top so we're pretty much at the bottom so yeah it's just dollar cost average look it up we couldn't go any lower until we went lower and then of course the classic how did you lose all your

money mr. Rockefeller at first slowly and then all at once we'll see we want to issue four more negativity more than 50% of Bitcoin addresses are now in loss although as Juan saying previous bear markets ended with the majority that's more than 50% of addresses being out of the money on chain data shows so more people are hodling Bitcoin and more people are getting punished for

Hodling Bitcoin Dan Eve are these more signs of a bottom all the negativity the media destroying us people actually working on things and El Salvador being ignored what do you think Dan? Yeah it's just another doing glue and article that they all kind of come out of the woodwork right because we've had this run of bad news and so and so Bitcoin's been in the limelight

again but you know instead of this time last year being because of price being high it's now because of price being low so you know everyone's going to come out of the woodwork give their two pennif because they're not going to yeah you get a lot less of these articles when Bitcoin's pumping because they look like idiots if they're saying oh Bitcoin's you know Bitcoin's going

to die it's going to die you know so they'll save it until it starts the price starts dipping and then they can they can you know write their little hit pieces on on how Bitcoin's you know is failing to irrelevance and whatever silly things that they that they say that that everyone else has been wrong so far but yeah it seems like I think what's interesting

is that it's just over 51% of the addresses that are below purchase price and their investment so it's a 51% price attack that everyone's most you know just over the mid the majority by you know just over 50% they're they're actually down but again you know a lot of a lot of these people have a a wear that if you hold for like you know four

years there's there's a chance that it's actually going to go back up again and Bitcoin although it's it it has extreme price swings it but both positive and negative people still hold it they see it as a long term asset so although there's a lot of people see it as a get rich quick screen or at least it's it's classed as that when when people talking

about a negatively like all these these idiot crypto bros with their get rich quick quick screen quick scheme is actually the opposite of that it's it's not get rich quick scheme it's a you know I'm going to buy my Bitcoin hold it forever and watch the financial system gradually collapse because that's that that's endless inflation and infinite amounts of money aren't positive as we're seeing you

know around the world with all the currencies that self printed so yeah it does seem to be just another doom and gloom article but I really would I still haven't seen anything that does a comparison of there's the good thing about Bitcoin is that because it's a public ledger it's quite easy to do a comparison of how many addresses haven't moved for X period of time

in terms of the holders but what's interesting is that you you don't ever see this as a comparison to stocks and shares like how many people held Tesla shares for more than X number of years or or whatever stock or you know Amazon and you know that I'm sure that the markets for those are pretty pretty churnable and the long term is a less a less

than the short term buyers and buyers and sellers so but you never see that comparison right you just see people are saying Bitcoin's a get rich quick pump and dump scheme even though people the whole point of Bitcoin is like hold it it's my precious it's all the memes around never selling your Bitcoin and stacking it and never letting go you know from my cold dead

hands you'll take my Bitcoin you know that's that those are all the memes and yet when people write articles they're like they're like oh yeah you know the these people aren't in it for the log run they just want to get rich quick because they're idiots you know chasing a Ponzi scheme so yeah it's just much of a much it's the same chicken lick and skyscraping

stuff that we're we're used to by now and we're resilient too I think. Maybe this is a good idea for DJ booth maybe he could make a website where you show how many of the hotler accounts are losing money and then you could also show how many of the hotler accounts have held for X number of days and you could somehow bring the two together onto

a chart and then you could see this kind of like hotler pain math or during the opposite times happy hotlers how many hotlers are above and how long have they been holding again this is as CNN said little known crypto website coin desk and this is from Omkara Godbull who famously does not own any crypto currency according to his footer and is probably laughing at all

of us right now one got what do you think more than 50% of Bitcoin addresses are now in loss. Yeah interesting I mean they should they should buy more Bitcoin so that their average purchase price goes lower that's the way to do it that's that's a magic of dollar cost averaging. I mean my my philosophy on this is very clear take profits when it when when

everybody's crazy take profits when everybody's trying buy this blood on the street buy when everybody's going on on on spending trips to Miami and when when Bitcoin magazine based $10 million for a dead mouse concert sell take profits. Pay your credit cards, buy your computer etc etc but I think you know I think beyond hotling because hotling is very useful but beyond that I think people

just need to learn and study financial literacy like investing your own human capital investing you know find a way to not have to pay rent you know whether it be like get some cheap real estate or find a way to avoid the biggest expenses which is rent you know invest in investing local energy for yourself you can like the ideal to me is solar energy you

know water collection with filtration you know you have a solid stack of Bitcoin you're maybe heating your house with Bitcoin miners right like there's there's a dream here that we can build but we got a we got a we got a fade out that will market so we can survive the better market all the way so you're selling your build Bitcoin at the bottom you know

you don't want to be selling your Bitcoin at the bottom you want to have a job at least and then stack sets at this point but the good news is there's companies there's companies that are hiring there's still companies that are hiring so anyway yeah bear market suck man but that's when you buy the other fun part of this story is that little known crypto website

coin desk may have broken the story of the year with the SPF FTX bankruptcy but breaking the story of the year law made their parent company DCG lose so much money that they're now putting coin desk up for sale so coin desk was too good at what they did and are now being sold because of it and being sold during the bear market so hopefully coin

Telegraph doesn't buy coin desk I'll be bad for everyone maybe Walmart or someone worst will buy them like the Denver Broncos I don't know thanks could always get worse we're running out of time Dan Eve do you have a prediction or a story of the week we've only got four minutes left oh geez I literally haven't thought of anything okay so my prediction is that I

think I reckon how's this okay I reckon that SPF will be it will potentially be in a sell by the time this time next week maybe a potential as I'm going to go for that even though I think he's not going to do time I reckon he'll just wiggle his way out of it somehow he's given too many hundreds of millions to political donations to go

down he'll either not do jail time through you know not having cameras working on his prison cell or that he'll just get out of it somehow but either way I think he you know there may be a chance he'll end up in a sell by the end of next next week or by the end of the year at least someone set Dan to crazy optimistic I'm

still sitting here saying well everyone's going to sell their Bitcoin to buy Christmas presents and then they're going to sell to pay taxes and then they're going to sell because it goes down because of those reasons I've seen all these negative reasons and all I have for my optimism is that happening like somewhere out there half the Bitcoin miners are going to shut off on one

day which rises Bitcoin sadly or whatever rises Ethereum all the other ones follow and then sell and then suddenly we're back baby and we're smart like Kathy would and not dumb like Mark Cuban but who knows Juan Gal? Do you have a prediction or a story of the week? Go ahead. Well there's a very reasonable possibility that we have we have like a very aggressive pump

at some point mostly because there's a lot of people that are short. There's a lot of a lot of money that is short right now allegedly according to Dylan I was looking I was listening to a podcast today and I'm seeing it I've seen in the markets reason that I'm in pain to close attention but most people are going to be short right now like people

are very afraid of buy right now and when everybody's short they can get short squeezed and when you get short squeezed the price fucking pumps and so there's there's some reasonable possibility that that the price moves the other thing is like everybody's panic exiting the exchanges there are cash and they're not going to be able to get the money out of the Bitcoin they want to

see if the exchanges actually have the Bitcoin that they claim they do and so Bitcoin is rapidly leaving the exchanges that means there's no actual Bitcoin on these exchanges whatever exchanges survive are going to have very very small treasuries of Bitcoin and all it takes is short squeeze and some FOMO and that can really pump the price. So you know I think I think that again

like we're on the we're on the we're on the we're done we're not done crashing maybe maybe we can go to 10k or something but most of the pain has been felt I think there might be a little bit more perhaps but we're on the buy side of this trade. As far as a story of the week definitely my article at one.com talking about the deep

dive of the inner workings that boots on the ground view of El Salvador during a bear market that's definitely the thing you should read this week. DCG the parent company of coin desk allegedly lost so much money in FTX that they're going to sell the jewel of their crown coin desk the news website is for sale allegedly because of market troubles at DCG. So if you

got the extra Bitcoin you could buy yourself a Bitcoin news website and as everybody knows that's a great way to make money. We could have a little Elon too if only Sam hadn't have lost all his money could have bought coin desk and you could have gotten away with it too if it wasn't for that article that they put out which caused their own downfall of

their parent company. So this is a total capitulation this is this is blood of the streets. This is this is great news. I love this is not one good enough. For you sad the worst thing that could happen the website prints all the allegedly normal and regular news probably takes money too but obviously better than you know co-intellographer what are no offense but you know. There

are huge a theory there are huge a theory. You know pump media like they've been you know like that and not just the theory of like they're like you know they've been promoting a lot of articles I bet you if you google that right like their car should were responsible for pumping a bunch of ponsts. Coindes.com. Coindes is the Wall Street branch of crypto media you

know they're based out of New York they have this gigantic sort of conferences for suits. Coindes has never particularly been aggressive. Coindes is the opposite of Bitcoin magazine. Even though my Bitcoin magazine is you know they play all the angles but they're Bitcoin first right. Coindes is the other side of that. They're kind of like the respectable shit cleaners right. Coindes was so valuable and I

still think if people are evaluating whether or not they want to buy Coindes if they could that conference and that list of people that went to the conference. That's a thing worth buying right. Coindes have ever written an article about mad bitcoins or the world crypto network. Although they do use this as sources every once in a while they never seem to understand that we could

use a little press as well. But maybe it's a bear market enough to get us some press but I doubt it. No, I just think it's all doom and gloom this week. I've got nothing positive to say about Bitcoin. Like Google the articles for you and it was a horrible experience that ECB article echoed through every single major publication, FT newsweek, Bloomberg, New York, NBC, CBS,

everything whatever you want to look for, they all are bearing Bitcoin this week. So it feels terrible, which may be the bottom signal. I don't know I just it feels awful. We held this stupid thing. Like mad bitcoins that Halt plus take profits, but maybe it was the other way we should have dumped it all I've gone 90, 10 the other way it's still out of

1090 that kind of thing. So maybe that's the bottom signal. I don't know. Thanks to everybody for giving us comments down below giving us that thumbs up, sharing this post on Reddit or Twitter or Facebook or wherever you hang out. One of those new things they're buying all the things. But thank you so much for joining us. Until next time. Bye, bye.